LVI and NCM join forces to create industry behemoth.
LVI Services Inc and NCM Group Holdings Inc have announced that they are to merge. The news comes just 24 hours after Great Lakes Dredge & Dock Corporation sold NASDI, LLC and Yankee Environmental Services, LLC and marks another significant step in the consolidation of the US demolition sector.
The combined LVI/NCM firm, to be called NorthStar Group Holdings LLC, will have annual revenue of about $600 million and an average employment of about 5,000 in 50 U.S. offices, the firms say.
NorthStar says it will be “the foremost provider” of services in environmental remediation, deconstruction and demolition, nuclear decommissioning, emergency response and asset recovery management.
The privately-held firms did not release transaction details, but say the deal was done “via a merger of equity in the two entities and placement of a substantial debt financing led by M&T Bank.”
Leading the company as CEO will be Scott E. State, currently president and CEO of LVI, and as president, Subhas “Sage” Khara, who now is NCM president and CEO.
Khara and LVI Chief Operating Officer John Leonard will manage NorthStar day-to-day operations, says the firm.
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